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February 17, 2019

MFN threats dubbed impactless

Business

February 17, 2019

KARACHI: Business community on Saturday said India’s withdrawing Pakistan’s Most Favoured Nation (MFN) status would have zero impact on the country’s economy.

“The CPEC (China-Pakistan Economic Corridor) and other investment projects are itself a pressure on Indian government, that’s why it always tries to pin its own security lapses on us in a bid to isolate Pakistan economically,” Ahmad Jawad, Secretary General (Federal) FPCCI Businessmen Panel, said in a statement.

Jawad said the MFN was a treatment accorded to a trade partner to ensure non-discriminatory trade between two countries vis-a-vis other trade partners.

“The importance of MFN is shown in the fact that it is the first clause in the General Agreement on Tariffs and Trade (GATT). Under WTO rules, a member country cannot discriminate between its trade partners,” he said.

The business leader said if a special status was granted to a trade partner, it must be extended to all members of the WTO.

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